Computer system and method for networkd interchange of data and information for members of the real estate financial and related transactional services industry

ABSTRACT

An Interchange Party Computer System (“IPCS”) comprising: a plurality of units of allocated resources, configured for a lender party, broker party, transaction party and/or investor party, each unit of allocated resources including one or more administrator user interfaces that allow a participating party to manage its allocated resources and define which of its users and which other participating parties may access its allocated resources and use elements thereof, wherein at least one of the allocated resources include database allocated resources that are managed by the participating party assigned the resources, the allocated resources for the database being accessible and usable by a participating party on terms defined by the participating party responsible for managing the database allocated resources wherein at least one of the allocated resources include at one or more modules selected from the group of: a Rate and Loan Program Module that includes means to define loan programs or search defined loan programs in a database, an Automated Underwriting Module, a Mortgage Pools Module; a File Status and Transaction Party Module, which includes means to do two or more of: assign tasks, present task status, control viewing of task status, assign viewing privileges, monitor satisfaction of lender conditions, and upload loan documentation that are managed by the participating party assigned the resources; the allocated resources for the selected modules being accessible and usable by a participating party on terms defined by the participating party responsible for managing the selected modules allocated resources.

This application claims the benefit of priority to U.S. provisionalpatent application 60/133,257 filed May 8, 1999, which is herebyincorporated by reference as if set forth in its entirety.

BACKGROUND OF THE INVENTION

The present invention is directed to a system for interchange of dataand information for members of the real estate finance and relatedtransactional services industry implemented over a network such as theInternet or one or more intranets. The system allows participants in thereal estate finance and related transactional services industry toaccess and supply to each other data, information, and news concerningparticular transactions, services offered, or other circumstances ofconcern to such participants via a central computer system.

Typically, when a homebuyer needs a home loan, the homebuyer or his orher representative applies directly with a lender or goes to a loanbroker to assist in applying for the loan. The broker will submit theloan application to one or more lenders, with the limitation that thebroker usually can only submit loan applications to lenders with whichhe is approved. But, before the homebuyer completes a loan application,one type of which is known in the industry as a “1003”, the lender orbroker usually prequalifies the borrower.

Prequalification occurs before the borrower completes a loan applicationto insure that the borrower is not wasting his own time, the broker'stime, or the lender's time by completing a 1003 that the lenderultimately will not approve. The prequalification is generally simplemathematical calculations used to determine two qualifying ratios,called front-end and back-end ratios, which are considered relative tothe borrower's credit report and employment history. The front-end ratiois calculated by taking the borrower's proposed monthly mortgage payment(which includes first mortgage principal and interest, other mortgageprincipal and interest, hazard insurance taxes, and any mortgageinsurance, any association dues, and other primary housingexpenses—known as PITI) divided by his monthly income. The back-endratio is calculated by adding a percentage (typically 5%) of theborrower's monthly revolving debt and the full amount of all installmentdebt plus any other non-primary housing related expense—to the PITI anddividing the sum by borrower's monthly income. The acceptable front andback-end ratios, while relatively standard, can vary from lender tolender. Even though the mathematical calculations are rudimentary, manyhomebuyers are neither familiar with the calculations nor with alender's acceptable ratios.

If the homebuyer meets the general prequalification criteria, he or shethen proceeds to the next step in procuring a loan, which is supplyingthe lender with the loan application details required by the 1003. Aftercompleting, signing, and forwarding the 1003 to a lender, the lendernormally requires the applicant to supply additional documentation tosupport the information written on the loan application. The type ofsupporting documentation required is dictated by the lending guidelinesestablished by the lender. An example of a lending guideline would bethe lender's willingness to accept the applicant's stated income on the1003 without further proof, if the percentage of the loan amount to theappraised value of the home, known as the loan-to-value or LTV, iseighty percent or lower. If the LTV is greater than eighty percent, thena lender might require the applicant to supply his last two years of taxreturns to support the stated income on the 1003. Other examples ofdocuments typically required by a lender to accompany the 1003 are acredit report, an appraisal, a title report and title insurance, escrowinstructions, verifications of employment and deposits and/or assets,mortgage insurance and flood insurance, private mortgage insurance, andmortgage insurance premium.

All these documents are given to the lender and comprise an applicant'sloan application file. The lender then reviews the loan applicationfile, called underwriting the loan application file. If the contents ofthe loan application file satisfy all of the lender's guidelines, thelender approves the loan, has loan documents prepared for execution,which then become part of the loan application file, and finally fundsthe loan.

Distribution of Pricing and Loan Program Information

To determine a borrower's proposed monthly principal and interestpayment for the purposes of prequalification and ultimately approval ofthe loan, an interest rate for the loan must be known. While a lenderknows what its own interest rates are for its various loan programs, thebroker on the other hand must receive a written document from the lenderthat includes the loan programs and the corresponding interest rates(“rate sheets”). A wholesale rate sheet, which is distributed tobrokers, may be different from the lender's consumer direct/retail ratesheet in that the wholesale rate sheet may set forth a range of ratesfor the same loan program. Depending on which rate the broker offers tothe borrower, the broker may receive a fee from the lender, borrower orboth. For example, if a broker offers a borrower an interest rate of8.250% instead of 8.00%, the lender might give the broker a commissionof 0.125% of the loan amount for selling a higher interest rate.

Before the ubiquitous use of fax machines, lenders did not have a methodto distribute on a daily basis its rate sheets to all of its approvedbrokers. Normally, in such times rate sheets were sent by mail, whichtook several days to reach brokers. Nowadays a lender relies primarilyon the daily fax broadcasting of a several page rate sheet to hundredsand sometimes thousands of its approved brokers in a state or across thenation. The broker on the receiving end receives tens of pages of ratesheets, sometimes even more, from all of its lenders.

Fax broadcasting is extremely costly and inefficient for both thelenders and brokers. The cost of fax broadcasting for a lender caneasily range from thousands, to tens of thousands of dollars a month,depending on its number of brokers. After broadcast faxing a rate sheet,the lender has no way of knowing whether a broker is even viewing therate sheet, unless the broker submits a loan application or calls thelender regarding the rate sheet. If the lender makes a mid-day ratechange, the broker has no way of knowing of the change unless the brokerhappens to be in front of the fax machine and comparing the new ratesheet with the previous rate sheet.

From a broker's perspective, fax broadcasting of rate sheets is alsotroublesome, costly, and inefficient. When the broker receives the faxedrate sheets from all its lenders, the broker typically makes severalcopies of all the rate sheets to distribute to its own loan agents, alsoknown as loan originators. Receiving an overwhelming number of faxedrate sheets costs the broker in fax machine toner, fax paper, copiertoner, and copy paper, not to mention that the broker and/or loan agentsmight not be at the office to receive the fax or the fax is illegible.

Lenders have begun trying alternatives to fax broadcasting, whichthemselves have inherent inefficiencies. Many lenders have implementedFax-on-Demand systems whereby its approved brokers are able to request afax copy of the rate sheets by dialing from the broker's own fax machinea special telephone number and broker identification number.Fax-on-Demand could reduce the number of broadcast faxes, but it has notnecessarily done so. Lenders typically still fax broadcast the ratesheets. Brokers use the Fax-on-Demand when they are not at their ownoffice and need a rate sheet sent to another fax machine, or if thebroadcasted fax is illegible or has been misplaced. With Fax-on-Demand,lenders however can determine which brokers have actively requested therate sheet. Fax-on-Demand is also problematic because it requiresbrokers to keep track of a different fax number for each lender. Suchnumbers can get lost or may not be available, if for example a broker isworking outside his or her regular office.

With the advent of email, lenders looked at this medium as a way toreduce the cost of distributing rate sheets. The inherent problem withemail is apparent to anyone that has received several emails with largefile attachments. The prospect of receiving more than twenty emails,each with an attachment of three to ten pages of text and graphics isunacceptable to most brokers. A broker would spend tens of minuteswaiting to download each email, then would have to open either aword-processing software, spreadsheet software, or whatever other typeof software application required to read the file that the lender sent.Similar to receiving a fax, the broker would either need to make copiesof the rate sheet, print several copies of the rate sheet, or email theattachments to its loan agents, who would encounter all of the sameproblems that the original email recipient had.

While some lenders have started posting rate sheets on their own brokerwebsites, most such websites are limited in scope, and are barely morethan advertisements for the lender. Even today, no lender has developeda business to business website for comprehensively dealing withwholesale mortgage brokers.

Lender websites for brokers are as problematic for the broker asreceiving emails. Brokers do not want to go to twenty or more websiteseach day to view, download, or print rate sheets. There are manyproblems with doing so. For example, each of these lender's brokerwebsites has a unique URL (web address). These web addresses are notnecessarily intuitive. For example, Countrywide, which is a nationalwholesale lender, does not use www.countrywidewholesale.com but useswww.cwbc.com. As another example of a problem, each lender with its ownbroker website requires the broker to remember a unique user name andpassword. Brokers that are not at their own computer, and have notbookmarked the web addresses, and/or do not have their username andpasswords written in front of them, have a difficult time rememberinghow to get into each of their lenders' websites.

There are some websites that are not operated by either lenders orbrokers. At these websites a broker can type in the criteria of the loanhe or she is looking for and the search query will generate a listing ofsome lenders that fund the type of loan with the corresponding interestrate. Such website systems that generate a lender list in response to aloan criteria query are disadvantageous in many respects. First, a ratesheet must be obtained from a lender. Since rate sheets are notnecessarily available from a lender in electronic form or in anelectronic form that is compatible with a system, a data processor mustmanually input the data into a searchable database. The manual inputtingprocess may be prone to errors or omissions. Furthermore, the lender maynot have authorized reproduction and use of the rate sheet. In addition,the lender found in the search might not even lend in the geographicallocation that the property is located. Still further, the broker whosearches the database might not even be approved with a lender who meetsthe search criteria. And similarly from the broker's perspective, thereis no mechanism in such systems to focus its loan agents on certainlending parties it may have special relationships with. Loan agents workinefficiently in that they are exposed to lenders that their brokers maynot have authorized them to deal with. More simply put, the third partywebsites take control away from lenders and brokers as to how their loanprograms are characterized, updated, and presented. Because of suchdisadvantages and problems, many lenders may opt out of such systems.Any broker or loan agent can pay for the service, so a brokerage firmdoes not have control over which of its own loan agents have access toits lender's rate sheets, thus taking control away from the owners ofthe brokerage firm.

Submission of 1003 and Rate Locking

Prior to personal computers, prequalification calculations were doneeither by hand or on handheld calculators, loan applications werecompleted by either hand-writing or typing the information, andunderwriting the loan application files was done completely by humanevaluation and calculation. During the past few years personalcomputers, through the use of loan origination software such as Genesis,Contour, and Byte have made the process of prequalifying an applicantand completing a 1003 more efficient. For example, a broker could typethe applicant's debt and income values into predefined fields in asoftware application, to quickly prequalify the applicant. Then thebroker could type the information required on a 1003 into predefinedfields in a software application, which the broker could store forfuture use or completion, to view on the computer monitor, and to printfor the borrower's signature, and ultimately forward to the lender.Normally, the broker would fax or overnight a completed 1003 to thelender for conditional approval. The lender has a data processor re-typethe data of the 1003 into its own loan processing software, reviews thecontent of the 1003, compares it against its lending guidelines (whichmay be guidelines dictated by an investor), and then tells the brokerwhich additional documents are required to support the statedinformation on the 1003. The broker would then fax to the lender acompleted rate lock form, which would secure for the applicant thedesired interest rate and loan program for a specified period of time.This entire process would take place via fax and/or mail courierservices.

With the advent of the modem and the Internet, a broker could forwardthe completed 1003 in digital format through the dedicated telephonelines or through the Internet to the lender to be downloaded by thelender to be printed. The lender would then would take the printed 1003and have its own data processors re-type the data into its ownprocessing software. This two step process requires double entry ofdata, first on the broker's end and then on the lender's end. Not onlydoes this double entry take additional time and labor, but it alsocreates the opportunity for inaccurate transcribing of data. In the end,the broker would still have to mail the original signed hardcopy 1003 tothe lender.

Companies that permit the on-line submission of loan applications are,for example, E-Loan, IMX Exchange, Fannie Mae and Freddie Mac, and thelender's own websites. E-Loan is an on-line broker. It markets itswebsite to consumers, who then complete on-line applications, whichE-Loan in many circumstances forwards to lenders for pre-qualificationand conditional approval. E-Loan does not provide brokers with amechanism to obtain wholesale rate sheets, or submit loan applicationsto the lenders with which they are approved. IMX Exchange is an auctionsite that permits brokers to complete on-line loan applications orforward digitally formatted loan applications from their loan processingsoftware to IMX Exchange. IMX Exchange then notifies participatinglenders that can review the submitted loan application and bid on theloan. The highest bidding lender then needs to contact the broker tocomplete the loan application process. Fannie Mae and Freddie Mac areSecondary Market Investors that buy loans that lenders have funded,bundle them (called securitizing the loans), and then sell theses“mortgage-backed securities” to the investing public. The loans thatFannie Mae and Freddie Mac purchase must comply with their strictpurchasing guidelines, such as loan amount, LTV, credit rating, propertytype, qualifying ratios, etc. Fannie Mae and Freddie Mac permit brokersto submit digital loan applications either on-line or from broker loanprocessing software directly to them. Fannie Mae and Freddie Mac candownload and port the digital application into their own loan processingand underwriting software. The broker will then receive conditionalapproval from Fannie Mae and Freddie Mac, stating that they willpurchase the loan from a lender who funds it as long as everythingstated in the loan application can be substantiated by additionaldocumentation, including appraisal, tax returns, credit report, titleinsurance, etc. With the conditional approval, the broker then needs toapproach a Fannie Mae or Freddie Mac sponsored lender, who then mightoffer to fund the loan. The Fannie Mae and Freddie Mac process limitsthe scope of a lender's business because the lender can only sell toFannie Mae and Freddie Mac loans that satisfy their strict purchasingguidelines. Moreover, Fannie Mae and Freddie Mac do not have a system inplace whereby the sponsored lenders can easily distribute their ratesheets to their approved brokers. Once the broker gets conditionalapproval from Fannie Mae and Freddie Mac, the broker has to go throughtraditional channels to find sponsored lenders' pricing, and to get thelenders all the supporting documentation for the loan application file.

Underwriting and File Status

As mentioned above, underwriting is the process whereby a lender decideswhether a loan application satisfies its lending guidelines before thelender approves and funds the loan. In most all circumstances, a lendermust receive not only an original signed 1003, but must receive anoriginal appraisal, credit report, escrow instructions, title report andinsurance, other insurance if required such as hazard, private mortgageinsurance, mortgage insurance premium or flood insurance, tax returns,W-2s, verification of deposits and employment, and any other documentthe lender may require. In order to accommodate borrowers, who need toshow sellers that they will be able to obtain a loan to purchase thehouse, lenders issue conditional approvals based on stated informationin the loan application. As indicated above, the loan application isgenerally either faxed or overnighted to the lender, who then re-entersthe 1003 data into its own processing software. The lender's underwriterwould compare the content of the loan application against its lendingguidelines, and then either fax or email a message to the broker thatthe lender either conditionally approves the loan application, orrejects the application.

If the lender conditionally approves the loan application, the lenderwould then create a list of all the conditions that must be met by theborrower before the loan is funded. The lender would speak to the brokeron the telephone and would send the condition list either via fax ormail courier service. The condition list is constantly being updated asconditions are met. The broker would then have to communicate the listto the applicant on the telephone, or send the condition list via fax ormail courier service.

Completion of Loan Application File

To fund the loan, the lender has to receive all the supporting documentsrequired under the condition list. The borrower, broker, lender, andinvestor would all need conforming copies of the documents for their ownpersonal records. The broker and the lender normally would have to alsotake the data from the documents, such as the credit report andappraisal, and re-type the data into their own respective processingsoftware. This process is cumbersome and often results in inaccuratetranscribing of data.

As can be well appreciated from the foregoing discussion, there are manycomplexities and logistics to preparing and processing loanapplications. While there have been some attempts toward reducing thetime and effort involved in the process, existing systems and methodshave problems that need to be addressed.

SUMMARY OF THE INVENTION

The present invention relates to a “Real Property FinancingCollaboration System” (hereinafter “RPFC”). RPFC generally means asystem that permits managing data and/or information from differentparties relating to the financing or refinancing (including borrowing onequity) of improved or unimproved real property. To overcome theproblems and disadvantages in existing systems, the present invention,among other things, does one or more of the following:

-   -   The system permits the flow of data and information in a        continual stream between a plurality of computer systems        controlled by different “participating parties”.    -   The system permits an interchange party to allocate resources on        a computer system to a participating party who can subcontrol        those resources.    -   The system permits the flow of data and information to areas on        an interchange party's computer system, the areas being        accessible by a plurality of “participating parties” under        conditions defined by a participating party.    -   An advantage of the continual stream, common areas, and/or        subcontrollable features is that they enable “single entry” of        data or information which data may be presented to, accessed by,        or gathered by a plurality of participating parties having a        need for or interest in the data or information generated        therefrom. “Single entry” means that only one participating        party needs to enter data or information needed by or of        interest to other participating parties.    -   The system further permits presentation and delivery of data        and/or information in desired media to participating parties and        their systems.    -   The system provides standardized user interfaces as part of        allocated resources.

The “participating parties” may include borrowers also referred to asconsumers; brokers (including broker administrators and broker partyusers such as loan processors and loan agents who also may be referredto as broker account representatives or broker agents); lenders(including lender administrators and lender party users such as lendermanagement, lender regional directors, lender account executives, lenderprocessors and lender underwriters); investors (including Fannie Mac,Freddie Mac, Ginnie Mae, and any other investor active in a secondary orhigher market for securitization of loans); transaction parties(including accounting firms, appraisal companies, attorneys, businessmanagement firms, credit unions, credit reporting companies, documentcompanies, escrow companies, flood insurance companies, private mortgageinsurance companies (PMI), mortgage insurance premium companies, realestate companies, title insurance companies); taxing authorities; andother members of the real estate financial and related transactionalservices industry, and/or other supporting parties; and an interchangeparty that provides a hub for communication of data and/or informationpresentation to two or more of the foregoing parties.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 shows an overview of an RPFC 1, according to the presentinvention.

FIG. 2 illustrates features that would be typically found in a computersystem that is included in the system of FIG. 1

FIG. 3 is a schematic representation of one possible embodiment of aRate and Loan Program Module according to the present invention.

FIG. 4 is a schematic representation relating to allocated resources forparticipating parties and interactivity thereamong.

FIG. 4A is a flowchart relating to customizing the graphical userinterface.

FIGS. 5.0-5.55 are allocated resources for a lender and its users, theallocated resources being user interfaces, according to the presentinvention.

FIGS. 6.1-6.20 are allocated resources for a broker and its users, theallocated resources being user interfaces, according to the presentinvention.

FIG. 7 is a schematic representation of one possible embodiment of FileStatus and Transaction Party Module according to the present invention.

Applicant hereby reserves all copyrights to the user interfaces shown inthis application.

DETAILED DESCRIPTION OF THE INVENTION

The present invention relates to a “Real Property FinancingCollaboration System” (hereinafter “RPFC”). An RPFC generally means asystem that permits managing data and/or information from participatingparties relating to the financing or refinancing (including borrowing onequity) of improved or unimproved real property.

The present invention, among other things, enables “single entry” ofdata so that only one participating party needs to enter data orinformation needed by or of interest to other participating parties.

Generally, “data” means facts and beliefs about the real world;“information” is data that has been processed and formatted to supportdecision making. Data may be processed to generate information.Information may also be processed to generate further information. Theinformation that has been processed may itself be data depending on thecontext. “Data” or “information” includes data and/or informationformatted into or as electronic files. For convenience herein, the terms“data” and “information” shall each be inclusive of both data andinformation, unless otherwise indicated.

FIG. 1 shows an overview of an RPFC 1, according to the presentinvention. The RPFC 1 may be used to communicate data between a varietyof sources, as mentioned above. For example, it may capture data fromelectronic loan application forms; other electronic applications;verification or approval forms or files. The system may include means toorganize captured data into records in a database or into other fileformat; it may transmit or present data to other participating partycomputer systems; it may evaluate data; it may receive data from onlineloan brokers about a loan application; and/or it may receive data fromothers involved in the processing, approval, funding, closing, or resaleof a loan. Generally, an RPFC 1 includes two or more participatingparties in communication with each other via allocated resources on asingle computer systems and/or separate computer systems. In onepossible embodiment, the RPFC includes at least three participatingparties, with one of the parties being an interchange party who providesa central computer system 2 (“interchange party computer system”) thatfacilitates communications and transactions between at least two otherparticipating party. Computer systems in system 1 may be networked overLANs, WANs, INTERNET or other known network systems using knownprotocols for such systems, including TCP/IP.

The interchange party computer system as described in more detail belowincludes one or more units of allocated hardware and/or softwareresources 2.3-2.7 preconfigured for use by a participating party. Theinterchange party's computer system may contain all or some of theallocated resources 2.3-2.7 for the participating parties.

FIG. 2 illustrates features that may be typically found in a computersystem e.g., 2, 3, 4, 5, 6 or 7 of a participating party or other partyin system 1. As used herein a “computer system” generally means a set ofhardware and software components that include one or more of thefollowing: central processing unit (“CPU”) 2.01; memory (RAM or ROM)2.02, software applications 2.03, operating system 2.04 and networkinterface 2.05, and related I/O subsystems. A computer system mayinclude one or more of the following: disk drive, input devices such askeyboard or mouse 2.06, display monitor 2.07, networking card, othersubsystems known in the art, web browsers, web servers, databasemanagement system software, and/or communications software. It will beunderstood by persons skilled in the art, that a computer system mayalso be in the form of a Personal Digital Assistant (PDA), a wirelesscomputer system or device capable of communications over the Internet orother network, or a computer terminal (thin client) or Internetappliance capable of such network communications. A “participatingparty's computer system” is a computer that is substantially under theoperational control of a participating party. A participating partycomputer system may be in the form of one or more computer systems. Anda computer system may include subsystems. Such subsystems could be, forexample, a group of client systems networked to one or more serverssubstantially under the control of a single participating party.

A participating party's computer system may also comprise or includesoftware applications for one or more data capture servers that includeaccepting data transfer from one or more data sources that may beoutside a participating party's computer system. The source of the datamay be another participating party's computer system. Data may alsoenter a data capture server by direct manual input or connection tostorage medium such as a CD-ROM, disk drive, floppy drive, memory cards,ZIP drive cartridges, and the like. Appropriate parsing applicationscould parse the data captured from forms into appropriate databaserecords and fields. XML based applications are suitable for authoringforms, transferring data into the database, and extracting from adatabase.

A participating computer system may further comprise or include apresentation server that includes software applications for presentingdata or information to one or more participating parties. In certainembodiments, the presentation server is a web server for an Internet orintranet website that serves web pages to other participating parties.The web pages may be served via known TCP/IP protocols and formatted inknown formats of mark up languages such as HTML and XML.

Computer systems of system 1 may execute a conventional operatingsystem, including, but not limited to, Microsoft Corporation's Window(sm) 3.x, 95, 98, 2000, NT or DOS operating systems; Linux operatingsystems; Sun Microsystems' Unix Solaris operating systems; IBM's AIXSolaris operating systems; SGI's IRIX Solaris operating systems or otheroperating systems, including, but not limited to Window's CE, Palm OS,etc. for PDAs, cellular devices, web devices, or other computingdevices. The possible software components of a computer system describedherein, including operating system and application software, may resideon one or more hardware components providing addressable memory for thecomputer system.

A participating party's computer system may manage data, includingaccess, retrieval, transfer, addition, deletion, modification and/orstorage of data in any variety of known data storage media, includinglocal hard drive, CD-ROM or other mass storage device, local areanetwork servers, wide area network servers, storage resourcessubstantially under the control of the participating party on a serverthat is shared with other parties (including servers shared with otherparticipating parties, such as a server provided by an interchange partyas allocated resources, as described below), and local RAM, if data isgenerated on demand or linked to other programs such as spreadsheet ordatabase programs executing in RAM.

Data and information may be formatted by a participating party'scomputer system for printing, viewing, transfer to another computersystem, storage in any of many known formats, including, Adobe PDF; richtext (RTF); SGML formats including HTML and XML; ALLAIRE Cold FusionCFML; MICROSOFT ASP; JAVA Script MICROSOFT Word, Excel, Access; bitmap,JPEG, GIF, and other graphics standards.

The RPFC may generally be divided into a client system 8 representingparticipating party computer systems 3-6 composed of one or morecomputer systems or terminals of participating parties and a serversystem, hereinafter referred to as an “interchange party computersystem” 2 (“IPCS”, for short) composed of one or more computer systemssubstantially under the control of an interchange party. Featurestypically appropriate for an interchange party's computer system are asdescribed above, and shown in FIG. 2. The components of IPCS system 2may be physically located together or distributed and linked vianetwork.

FIG. 1 illustrates a lender party computer system 3, broker partycomputer system 4, transaction party computer system 5, investor partycomputer system 6, and other party computer system 7 in communicationwith the IPCS 2. However, this illustration is just an example—fewer ormore participating parties in various combinations could also be incommunication with the IPCS 2.

The interchange party may allocate preconfigured units of IPCS resources2.3, 2.4, 2.5, 2.6 and 2.7 to other participating parties who are thenauthorized by the interchange party to control their respectiveallocations and modify them, as permitted by the interchange party. Aparty's allocated resources may be dynamic in nature in that they mayhave built in parameters permitting their modification according to theneeds or usage of a participating. For example, the present inventioncontemplates that participating parties will create and manage databaserecords, input and manage data, upload files, communicate, collaborate,and exchange things with each other through their respective allocatedresources on the IPCS. As a result of such things, the allocatedresources under the control of a participating party may expand,contract, or otherwise be modified. Herein, such modified allocatedresources shall also be considered “allocated resources”.

The units of allocated resources 2.3-2.7 on the IPCS may includehardware and/or software resources, including database resources 12,program modules resources 18, communication/messaging resources 14, webserver resources 16, network and/or any other resources defined by theinterchange party. FIG. 4 shows examples of units of such allocatedresources 2.3-2.n (“n” meaning in this and other cases that there may beany number of such components or features). FIG. 4 provides an example;the interchange party may preconfigure a unit of allocated resources toinclude more or less hardware or software component than what isillustrated, and various components of such resources. Multiple sets ofa unit allocated may be provided for multiple participating parties. Theallocated resources 2.3-2.n include one or more user interfaces15.1-15.n. These user interfaces allow a participating party to interactwith components 12-18 on its own allocated resources and/or allocatedresources of other participating parties. Access between two or moreunits of allocated resources may be subject to conditions set by aparticipating party through its user interfaces 2.3-2.n.

The allocated resources 2.3-2.n of a participating may also be incommunication with one or more computer systems 3-6 of participatingparties. Such communication may also be subject to conditions set by aparticipating party through the user interfaces of the allocatedresources.

In a preferred embodiment, the interchange party provides preconfigureduser interfaces to a participating party, such as the graphical userinterfaces of FIG. 5 et seq. The user interfaces may be preconfigured toallow a participating party, under conditions set by the interchangeparty, to post content presentable to others through the IPCS, determinewho has access to a party's allocated resources, define data channelsbetween parties, access IPCS program modules and provide input theretoor receive output therefrom. As discussed in detail below, the userinterfaces 15.1-15.n may also permit a participating party to postcontent that will be presentable to users of a participating party or toother participating parties. For example, a user interface 15.1-15.n mayinclude means for a lender to post its rate sheets, announcements, andother content to locations in the IPCS for presentation to it own users,other participating parties, or non-participating parties who may bepermitted access to the IPCS. For example, a lender-administrator userinterface allows an administrator designated by a lender party to createa list of registered users, approved brokers etc., and to manage suchlists. A user interface could provide share and access parameters sothat an administrator could specify which of its users or otherparticipating parties would be entitled to access its allocatedresources on such a database.

In one embodiment, the IPCS provides allocated resources forparticipating parties to receive, track and process loan applications,with relevant parties allowed to access the loan application file orstatus thereof, through common user interfaces.

In another possible embodiment, a unit of allocated resources includesan administrator section with associated user interfaces for theadministrator. The interfaces may permit a participating party toregister users associated with it and set conditions of use for eachregistered user. The administrator section is preconfigured by theinterchange party to allow a participating party's designatedadministrator to manage the unit of allocated resources. Managing mayinclude creation of the database, additions, deletions and othermodifications permitted by the interchange party. The unit may bepreconfigured by the interchange party to allow the administrator tomanage which persons associated with it or other participating party mayaccess the IPCS and/or the subcontrolled allocated resources on theinterchange party system. For example, in the case of an approved lenderlist, a user interface may provide means for a broker party to designatewhich of its users, e.g., loan agents, through the IPCS, can see whichlisted lenders. Accordingly, the administrator section would includepreconfigured software features that allow the administrator to registerusers, create user profiles, edit user profiles, and remove users.

The administrator section of a unit of allocated resources may also bepreconfigured to allow an administrator to post content to sections ofthe allocated resources or other resources on the IPCS and to definewhich of its registered parties and/or other participating parties mayaccess a section of posted information. Such posted content couldinclude, for example, text, graphics, audio and/or video files informats such as PDF, WORD, HTML, XML, GIF, JPEG, MPEG, TIF, WAV, etc.

The administrator section of a unit of allocated resources may also bepreconfigured by the interchange party to allow an administrator todefine channels of communication for data flow, file exchange, etc,between its registered users and/or other participating parties andtheir registered users.

In one possible embodiment, the allocated resources includepreconfigured user interfaces in the form of MICROSOFT ASP, CFML, HTML,and/or XML documents which are associated with IPCS programs, databases,web servers, web browsers, file servers, network communications links,email programs, etc to provide the foregoing functionality, as is wellknown in the art.

Data may enter the IPCS system, including allocated resources therein,through one or more data capture servers.

The contemplated data types include details supplied by a borrower to aloan application file; details of loan programs offered by a lender,including the terms and conditions for participation in the loanprograms by consumers and brokers; data for rate sheets; details of acredit report; escrow details; appraisal details and/or other detailsrelating to loan applications, application processing and borrowerqualification, and lender, broker, investor loan programs in a realproperty financing transaction. Further discussion of the kind of datathat may be captured will be found below relative to specificparticipating parties. The data capture server may assign the data to adatabase, import the data into a file format, or make the dataaccessible to application software, which may process the data orincorporate it into a formatted file, for example.

System 1 may include one or more web servers for capturing and/orpresenting data. As used herein, a web server generally refers to acomputer system that runs web server software that enables access byremote computer systems or terminals via the Internet or other networktransport to allow presentation of data and information; data andinformation storage and transfer; and other transactions known in theart. Suitable web server software is well known and includes ApacheSoftware Foundation's Apache Server web server; Netscape's FASTTRACKseries web server, Microsoft Corporation's IIS, and Sun Microsystems'JAVA WEB SERVER. An example of a web server is web server 16 in FIG. 4.

For purposes of illustration, the following description shall be interms of an online loan application. In this example, an onlineapplication may be presented to a participating party, such as aconsumer, from any number of sources including a loan broker's websiteor a lender's website. It may also be emailed to a consumer. The loanapplication may also be presented to a loan broker or otherparticipating party that completes the application on behalf of aconsumer, or assists the consumer in completing the application.

A loan application for presentation to a participating party may belocated on a web server which may be part of or separate from system 1.In the case of online loan applications, the loan application may beserved to the consumer as HTML, XML, Java Script, ActiveX, Applet, CFML,MICROSOFT ASP, or through other known mechanisms or formats that can beretrieved by through a web browser or other known interface. (Otherservers in system 1 may use the same mechanisms or formats forinterfacing with other computers.) The loan application could be servedby a web server that is part of IPCS 2.

After a consumer completes a loan application, the resulting loanapplication data is captured by a data capture server in the IPCS andlogged into a server log. The log records the collected data and mayassign an identifier or key value to the data. For example, theidentifier could be an indicator of any number of things including thetime of receipt, source (e.g., the particular loan broker), etc. Thelogged data may then be parsed by a software program that assigns itemsof the raw data into predefined fields in a database 12. For example,XML documents may be parsed by freeware or commercially available XMLparsers. The parsing program may be created through standard programtechniques that are known or within the skill of persons in the art. Theparsing program would be designed to map data from the loan applicationto database records that are predefined.

Each record would be composed of one or more fields that correspond tothe class of an item of data and/or the value of an item of data. Anyfield may be keyed to any one or more other fields. For example in thecase of a loan application, the database would contain tables thatinclude a field for attributes (loan application details) such as annualincome; years with current employer; amount of loan sought; etc.

Databases may be based on any number of known DBMS, includinghierarchical databases, network databases, relational databases, andobject oriented databases. Suitable DBMS are widely available andinclude Oracle, Sybase, Microsoft SQL Server, and DB2. One suitabledatabase system is a relational database based on SQL language. Asuitable SQL database would typically include a Data Definition Language(DDL) for creation of a new database and new objects within an existingdatabase; a Data Manipulation Language (DML) for processing existingdatabase objects; and a Data Control Language (DCL) for administeringpermissions and other security-related issues. The data processing ishandled by a database engine and can be accessed by various searchingmeans, including Boolean logic evaluation, proximity calculations, andfuzzy logic evaluation. The databases of the present invention may alsobe custom designed, the design process and features being well withinthe skill of persons in the art.

One or more data channels may be defined for the transmission of databetween components of a single computer system or between differentcomputer systems. As used herein “data channel” means a logical event,not necessarily a physical channel, directing the flow of data intocomputer storage and/or processing systems. Data channels are determinedby the structure of, for example, a loan application, or the way answersare coded into database fields, and the programs that are to operate onpredefined categories or items of data. A data channel may also be alogical or computed combination of other data channels.

Looking at FIG. 4, one or more data channels, which are collectivelyillustrated as arrowed lines may communicate parsed data from server 16to assigned fields in database 12. More specifically, there could be adata channel assigned to each loan application attribute. For example,data from database 12 may be introduced into a program module(s)18.1-18.n consisting of one or more program modules that perform apredetermined operation on data. Database 12 is also in communicationwith a server 16. Server 16 may be a web server for interfacing withremote computer systems in system 1. Web server 16 may be used topresent data from database 12 to remote computer systems 3, 4, 5, 6, 7etc. over a network. The data may be presented in any known format,including HTML, XML, PDF, CFML, MICROSOFT ASP, and other formats notedelsewhere herein or that are known in the art. Alternatively,presentation server 16 could present the data to a printer or videodisplay or computer system, or through other means for displaying data(not shown in the figure).

One or more of data channels may communicate data from database 12 toapplications in the IPCS or other participating party's computer systemcalling for stored data. Although not illustrated in all cases, it willbe understood that any other components of system 1 may communicatedefined fields of data to another system component along a data channelassigned to a field(s) of data. For loan applications, the predefineddata channels may include one or more loan application data channels fortransmitting data relating to loan application details; rate-lock formdetails data channel; rate sheet details; loan program details; creditreport details; loan pooling program details; escrow details appraisaldetails; and title report details. It is to be understood that the datachannels depicted in the figures are for illustrative purposes only andshould not be construed as a limitation on how data may be communicatedbetween system components, other paths being within the spirit and scopeof this disclosure.

One or more program modules 18 may be included in one or moreparticipating party computer systems to process data output from anotherparticipating party to generate desired forms of information, asdescribed below. Information processed in system 1 may be presented toan end-user in any known form of communicating information, including:printed reports, emailed reports; server-stored reports; said reportsdisplayed in predefined layouts including governmental andquasi-governmental formats such as Fannie Mae and Freddie Mac standardprotocol and HUD; accessible to end-users over a public or privatenetwork, including website posted reports. The presentation server 16may serve web pages to remote computers systems through conventionalTCP/IP protocols or other known protocols. The web pages may bepresented through conventional web browser application such as INTERNETEXPLORER series of web browsers by Microsoft Corporation, or theNETSCAPE COMMUNICATOR series of web browsers by Netscape CommunicationsCorporation.

The following sections are detailed description of the parties havingaccess to and control over allocated resources of the interchange partycomputer system (“IPCS”). The description is intended to be just oneexample of allocated resources available to various participatingparties, and how the allocated resources could be used.

Example Interchange Computer System Features for Participating Parties

In these sections, representative and example user interfaces 15 areincluded as figures. The allocated resources to a participating party onan IPCS may include one or more of the following:

-   -   Administrator resources that allow a participating party to post        content accessible by its users or by other participating        parties;    -   Administrator resources that allow a participating party to        control who has access to content on the allocated resources;    -   Administrator resources that allow a participating party to post        accounting, reporting, and statistics pertaining to use by its        users or by other participating parties; and    -   User resources for authorized users of a participating party's        allocated resources.

In the following sections, certain possible embodiments of an RPFC andallocated resources on an IPCS will be illustrated in the context ofspecific participating parties and their users. It is to be understoodthat such embodiments are examples and not limitations of theparticipating parties, and components and features of the invention.

FIG. 4A shows a flowchart of a method implemented over an InterchangeParty Computer System (“IPCS”) comprising receiving a request on thecentral computer system from a participating party for preconfiguredallocated resource for a real estate transaction comprising a graphicaluser interface, sending a response from on the central computer systemto the participating party computer system comprising a set ofinstructions for rendering the graphical user interface, receiving fromthe participating party a request on the central computer system forcustomizing the graphical user interface, and customizing theallocatable resource on the central computer system to reflect therequested change.

Lender Parties

Lender Administrators

Each Lender may have (1) a main administrator or (2) a mainadministrator and a branch administrator(s) that have control over theLender's allocated resources 2.3 of the IPCS and the Lender's owninternal computer processing systems on lender computer system 3.

Lender Party User

A Lender Party User (“LPU”) may include corporate management, branchmanagement, regional and branch directors, account executives,underwriters, and loan processors. While each LPU does not have completeadministrative control over the Lender's allocated resources of theIPCS, they each have varying degrees of access to and control of theallocated resources, as dictated by the Lender Administrator, theInterchange Party, and other Participating Parties.

FIGS. 5.0-5.55 are screen shots of allocated resources in the form ofuser interfaces 15, according to the present invention. The userinterfaces may be in the form of HTTP pages for a Lender and its users.FIG. 5.0 shows a user interface 15.1 in the form of a web page thatserves as a home page for a Lender Administrator. An administrator foran investor party, for example, could have a similar page. The page ispart of the allocated resources provided by the interchange party to theLender. The page is basically a menu list that may be used by the LenderAdministrator to access other Lender Administrator user interfaces. Asseen in FIG. 5.0, the page includes links to a company roster; companynews; a searchable, managed database, “rapid search”; a statisticalmodule for producing reports, “view reports”; a user set-up page; acompany message system; a page for uploading content; a ratenotification page; and a help section. (FIGS. 5.1-5.55 correspond to thepages that are directly or indirectly linked to foregoing links.) Theforegoing and following features are presented as examples notlimitations; persons skilled in the art will appreciate from the scopeand spirit of the teachings herein that many additions, deletions andmodifications to the templates discussed herein are possible.

LPU Set Up Module

Through the LPU set up module 18.1, the Lender Administrator can grant,edit and remove an LPU's access to its allocated resources on the IPCS.FIGS. 5.1-5.6 show user interfaces 15.2(a)-15.2(b), 15.3-15.6 for aLender Administrator to set up a profile for an LPU. In this case, anaccount executive. As can be seen, the user interface allows groupassociations and access permissions. When granting an LPU access, theLender Administrator completes an on-line registration form that setsforth the LPU's pertinent contact information, title, and level ofcontrol of and access to the Lender's allocated resources on the IPCS.When setting up an account executive, the Lender Administrator must alsoinput the corresponding contact information, rate sheet region, andsupport staff information for each of the account executives. This inputinformation appears on the account executive's Lender Page, which is theinterface on the IPCS 2 that the broker has to the Lender's allocatedresources. See View Lender Page Module, below, for more detail.

In setting up an LPU, the Lender Administrator designates the level ofcontrol that each LPU has over the Lender's allocated resources 2.3. Forexample, the Lender Administrator determines whether a given accountexecutive or director can modify scrolling messages viewed by an accountexecutive's brokers on the Lender Page. The data input informationthrough user interfaces 15.2(a)-(b), 15.3-15.7 may be stored in adatabase allocated resource 12.

Viewing Lender Pages Module

The allocated resources provided to a Lender include preconfigured userinterfaces in the form of “Lender Pages”. Through the Viewing LenderPages Module 18.2, the Lender Administrator can view the Lender Pages ofall the Lender's account executives or other designated LPUs. TheLender's approved brokers have access to their account executives'Lender Pages. The LPUs can view all or some of the Lender Pages, asdictated by the Lender Administrator. A Lender may use and customize theLender Pages to present, for example:

i. Rate and Loan Program Module, described below.

ii. Automated Underwriting and Risk Based Pricing Module, describedbelow.

iii. uploaded tiles such as rate sheets (which includes any format forviewing rates and corresponding loan programs such as HTML, .pdf, XML,.gif, .tif, or text), guidelines, any other documents the Lender wishesto make available to its brokers.

iv. contact information.

v. a link to the Lender's own website that resides on the Lender's ownserver and which can be accessed by the Lender's approved brokerswithout having to type in login information such as user name andpassword for the Lender's website because the Interchange Party hasallocated resources for the brokers to update a user name and passwordregistry for all its Lenders using the IPCS and that have websites; saidregistry is managed by each broker loan agent on his or her interface toits allocated resources on the IPCS.

vi. scrolling message to brokers, which can be updated by accountexecutives, directors or the Lender Administrator, depending on thelevel of control granted to the LPU by the Lender Administrator.

vii. Lender's approved appraiser list and contact information.

viii. Link to Lender Mortgage Pool Module, described below.

ix. Link to Forms Submission Module, described below.

FIG. 5.7 is an example of a Lender Page 15.7, showing some of thepossible features of such a page.

Broker Set Up Module

Through Broker Set Up Module 18.3, a Lender Administrator can grant,edit, suspend, define access and/or remove the access that its brokershave to the Lender's allocated resources 2.3 on the IPCS. In addition,the Lender Administrator can view the Lender's approved and suspendedbroker lists. The function can be carried through user interfaces15.8-15.12 shown in FIGS. 5-8-5.12. The Lender Administrator associatesthe brokers with a particular account executive, branch, or region, asthe case might be, in order to dictate which rate sheet, otherdocuments, contact information, and appraiser list that the broker canview on the Lender Page. The IPCS permits the Lender to reflect anychange through either the IPCS, the Lender's own internal processingcomputer system e.g., computer system 3, or the Lender's own websitedatabase associated with computer system 3 so that the data can beported to each of the computer systems to avoid multiple entry of theredundant data. The pages include means to create a broker profile andlinks to other pages of allocated resources 2.3 for managing brokers.

Appraiser Set Up Module

Through an Appraiser Set Up Module 18.4, the Lender Administrator cangrant, edit, suspend, or remove appraisers from the approved appraiserlists that the Lender's approved brokers can view on a Lender Page 15.7.In addition, the Lender Administrator can view the Lender's approved andsuspended appraiser lists. The IPCS permits the Lender to reflect anychange through either the IPCS, the Lender's own internal processingcomputer system, or the Lender's own website database so that the datacan be ported to each of the computer systems to avoid multiple entry ofthe redundant data.

Rate and Loan Program Module

The Rate and Loan Program Module 18.5, among other things, allows alender to:

create a record for a loan program it offers

edit records

view records

copy records

remove records

save records to a database

associate records with other records in a database

The Rate and Loan Program 18.5, among other things, allows anotherparty:

to select criteria from a menu of criteria

search for loan programs matching the selected criteria

The Lender Administrator through user interfaces 15.13-15.14,15.15(a)-(b), and 15.16-15.35 shown in FIGS. 5.13-5.14, 5.15(a)-5.15(b),5.16-5.35 can input the Lender's loan program details, includinginterest rates, loan to values and corresponding pricing adjustmentsthrough the Rate and Program Module interface of the IPCS, which canthen be viewed, edited and/or ported to the Rate and Loan ProgramModules of the Lender's own internal processing computer system, theLender's own wholesale website database, and the Lenders consumer directwebsite database, as long as said websites are connected to the IPCS. Ifthe Lender's consumer direct website database is connected to the IPCS,then the data input the Rate and Program Module interface may bemodified dynamically before being viewable on the Lender's consumerdirect website by the Lender inputting certain data on the Lender'sadministrative interface for the consumer direct website that affectsthe data on the Rate and Program Module of the IPCS, such as interestrate margins that increase the interest rates viewed by the consumers.

The IPCS permits the Lender to update its rates and programs on eitherthe Rate and Program Module 18.5, the Lender's own internal processingcomputer system, or the Lender's own websites database so that the datacan be ported to each of the Rate and Loan Program Modules to avoidmultiple entry of the redundant data. The data input in the Rate andProgram Module can be accessed by the Lender's brokers and LPUs when thebrokers and LPUs search for loans based on the required loan criteria.The output of the search results in a dynamically created rate sheet,which may be in the form of, for example, CFML, Microsoft ASP, HTML,XML, .pdf, or text. The Lender may choose not to input the interest ratethat applies to a loan program so that the search based on loan criteriaonly results in the display of the available loan programs matching thesearch criteria, in which case the rate sheets can be uploaded by theLender Administrator as described below in the Uploading Files Module.Brokers and LPUs can also link from this Module to the Mortgage PoolsModule, as described below.

To input the loan program details, the Lender Administrator can choosefrom a drop-down menu list of inputting options on user interface 15.13.The Lender Administrator can select “Loan Programs”, “Regions”,“Templates”, “Update”. In the case of FIG. 5.13, “Loan Programs” isdisplayed in a drop-down menu.

If Loan Programs is selected on the menu, the Lender Administrator canadd, edit or delete a loan program in the database. As seen in userinterface 15.13, when adding a loan program, the Lender Administratorcan indicate in which geographical region(s) a property can be locatedwhere the Lender offers that loan program. The region for each new loanprogram is the Default region that the Lender Administrator has created.See, Regions, below. In creating a loan program, the LenderAdministrator can indicate the loan program number/name, the programtype (i.e., 3 month negative amortization loan), the loan type (i.e.,jumbo, conforming, or jumbo/conforming), the amortization period (i.e.,360 months), interest rate adjustments (i.e., index and margin), theindex (12 MAT (MTA)), the margin (i.e., if an adjustable rate mortgage,this would be the interest rate added to the index), the life cap (i.e.,if an adjustable rate mortgage, this would be the highest the interestrate could reach), the trust deed/mortgage type (i.e., first trust deedor second trust deed), and the interest rate (see user interface 15.13).In addition to inputting the basic loan program details, the LenderAdministrator can input all the line items associated with the loanprogram, including loan to values, pricing adjustments, and referenceguides. If the Lender Administrator has already input the loan tovalues, pricing adjustments, and/or reference guides for another loanprogram or a template loan program, See Templates, that are identical toor similar to the loan program just created, the Lender Administratorcan simultaneously save and associate the newly created loan programwith another loan program's or a template program's loan to values,pricing adjustments, and/or reference guides (see user interface 15.14).

In the Loan Programs section, the Lender Administrator can indicate theloan to values associated with a particular loan program on a Full Doc,EZ Doc, Stated Doc, and/or No Doc basis. For example, the LenderAdministrator can indicate what loan to values are associated on a FullDoc requirement basis. Such line items include occupancy status (i.e.,owner occupied, second home, or non-owner occupied), property type(i.e., single family, condominium, PUD, 2 units, 3 units, or 4 units),geographic region, type of finance (i.e., purchase money loan, rate andterm refinance, or cash-out refinance), other loan criteria (first trustdeed loan to value, loan amount, combined loan to value, maximum cashout, FICO score required, pre-payment obligations, qualifying borrower,qualifying ratio, and mortgage insurance). After setting the loan tovalue items, the Lender Administrator can save, save without resetting,save and exit, and assign templates (see user interfaces 15.15(a) and(b)).

In the Loan Programs section, the Lender Administrator can indicate thepricing adjustments associated with a particular loan program on a FullDoc, EZ Doc, Stated Doc, and/or No Doc basis. The Lender Administratorcan indicate an indefinite number and type of pricing adjustments for anindefinite number of loan programs. For example, a given pricingadjustment might apply to a particular loan program's Full Docrequirements, or to all of the loan programs' Full Doc requirements.Examples of a pricing adjustment might be that 3 unit properties in agiven geographical location that will have loan to values greater than90% on loan amounts exceeding $500,000 will add 0.250% to the statedinterest rate for the loan program (see user interfaces 15.16-15.17).

In the Loan Programs section, the Lender Administrator can uploadreference guides to be viewed by parties having access to the LenderAdministrator's allocated resources on the IPCS. The LenderAdministrator can either upload various file format types such as HTML,Adobe Acrobat .pdf, Microsoft Word, Microsoft Excel, XML and text. Anexample of a reference guide for a given loan program might be thatthere is a minimum loan amount, minimum loan term, maturity, orassumability that relates to the loan program (see user interfaces15.18-15.19).

If Regions is selected from the menu, the Lender Administrator cancreate, edit, and delete default and specific lending regions that theLender Administrator will associate with various loan programs. Thelending regions can be broken down by state, county, and city (see userinterfaces 15.20-15.23).

If Templates is selected from the menu, the Lender Administrator cancreate, edit, and delete loan program templates that the LenderAdministrator can use for a number of loan programs. The LenderAdministrator can associate loan programs to templates it creates. Increating a template, the Lender Administrator can input all the criteriaof a loan program, including loan program details, loan to values,pricing adjustments, and reference guides, which are input the same waythat said criteria is input as stated in the Loan Programs sectionabove. Using Templates reduces the amount of work for a LenderAdministrator to input the data of two or more loan programs that sharemuch of the redundant data such as loan to values, pricing adjustments,reference guides, or document type, which include Full Doc, EZ Doc,Stated Doc, and NO Doc. For example, a Lender can associate a loanprogram only to the pricing adjustments for a given template, but notassociate the same loan program to the template's loan to values orreference guides. That is, a Lender Administrator can associate a loanprogram to one of four parts of a template, namely loan to values,pricing adjustments, reference guides, or document type, which includeFull Doc, EZ Doc, Stated Doc, and NO Doc (see user interfaces15.24-15.33).

If Update is selected from the menu, the Lender Administrator can modifyone or more loan programs before effecting the change on the IPCS. Inthis way the Lender Administrator may make changes off-line, view andprint the changes to make sure they are accurate, and then finally makethe changes viewable to the participating parties having accessing tothe Lender's allocated resource. The changes can go into effectautomatically at some predefined time as determined by the LenderAdministrator.

After loan programs have been inputted, the Lender Administrator canview and print loan program details, including all the details and lineitems of all the loan programs, individual loan programs, or loanprograms that share identical line items and details (see userinterfaces 15.34-15.35).

The foregoing features, and similar feature for LPUs and otherparticipating parties, may be implemented through a DBMS 12 on the IPCS2, as described above and linked to pages, such as CFML pages, ASP, XML,or other format, that are preconfigured by the Interchange party asallocated resources for use by a lender participating party and/or otherparticipating parties.

FIG. 5.36 shows a screen shot showing an allocated resource in the formof a user interface 15.36, according to the present invention. The userinterface is preconfigured for a Lender Administrator, LPU, or otherparty to select predefined search criteria for a Lender's or collectionof different Lender's loan programs. The page includes a drop-down listmenu for a number of loan program categories and search criteria optionsunder each category. The default setting is “N/A” (not applicable) Underthe “property type” category, the menu options may include SFR,condominium, multiple units, and PUD. Under the “occupancy” category,the menu options may include owner, second home, non-owner etc. Underthe “finance type” category, the menu options may include purchase, rateand term, and cash-out. Under the “product type” category, the menuoptions may include products based on interests programs of 30 yearfixed, 15 year fixed, various periods for fixed year balloon loans, andadjustable rate periods. Under the “amortization” category, the menuoptions may include amortization over 180 months, 360 months 480 monthsor 360 or 480 months. Under the “trust deed” category, the menu optionsmay include first trust deed, second trust deed, equity line. Under the“documentation” category, the menu options may include fulldocumentation, EZ documentation, stated documentation, and nodocumentation. Under the “qualifying borrower” category, the menuoptions may include occupant or non-occupant. Under the “loan amount”category, the menu options may include conforming and specific amountsin a range. Under the “LTV” (Loan To Value) category, the menu optionsmay include specific amounts in a range. Under the “CLTV” (combined loanto value) category, the menu options may include specific amounts in arange. Under the “Max Cash Out” category, the menu options may includespecific amounts in a range. Under the “Index” category, the menuoptions may include 6 month CD, 6 month LIBOR, 11th Dist COFI, and othersuch indices. Under the “margin” category, the menu options may includespecific amounts in a range. Under the “life cap” category, the menuoptions may include specific amounts in a range. Under the “adjustment”category, the menu options may include specific amounts in a range and“index and margin”. Under the “prepayment” category, the menu optionsmay include “yes” and “no”. Under the “mortgage insurance” category, themenu options may include “yes” and “no”. Under the “credit score”category, the menu options may include specific amounts in a range.Under the “back end score” category, the menu options may includespecific amounts in a range.

FIG. 5.37 is a screen shot of a user interface 15.37 with an upper tableof selected search criteria input through the search table of FIG. 5.36and the matching loan programs in the lower table. The page includeslinks to further details about displayed loan programs and potential“add-ons” for brokers. There is also an option to select and display therate sheet for the Lender offering a displayed loan program.

Uploading Files Module

The Uploading Files Module 18.6 allows an administrator to upload filesto allocated resources for viewing or retrieval by LPUs or participatingparties, under conditions specified by the Lender Administrator, FIGS.5.38-5.43 show user interfaces 15.8-15.43 for uploading files. Forexample, if the Lender chooses not to input the interest rate for agiven loan program in the Rate and Loan Program Module, then the LenderAdministrator can upload computer files of its rate sheets, as well asany of its most current Lender documents and forms, such as loanapplications, matrices, broker demand form, registration form,submission form, rate lock form, Lender guidelines, and guidelines informats such as HTML, Adobe Acrobat .pdf, Microsoft Word, MicrosoftExcel, XML, or text that can be viewed by the Lender's brokers and theLPUs. The Lender Administrator can also upload a .jpeg or .gif file ofits company logo that will appear on its Lender Pages, its own websiteif it the website is connected to the IPCS, and its own company sectionof the IPCS to be viewed when the LPU access the company section. TheIPCS permits the Lender to upload its files through either the IPCS, theLender's own internal processing computer system, or the Lender's ownwebsite database so that the data can be ported to each of the computersystems to avoid multiple entry of the redundant data. The uploadedfiles are stored in file directories in the Lender's allocated resourceson the IPCS so that each of the Lender's brokers will only have accessto the files that the Lender Administrator chooses for that broker toaccess, normally the broker's access is dictated by the branch, region,or account executive the Lender Administrator associates with thebroker. See Broker Set Up Module, below. A broker's loan agent's accessto a Lender's rate sheet is also control by the Broker Administrator, asdescribed BPU Set Up Module in the Broker Parties section below.

FIGS. 5.38-5.43 are screen shots of allocated resources in the form ofuser interfaces 15.38-15.43 for uploading documents. These are just afew of many possible user interfaces for uploading content and managingcontent. User interfaces 15.38-15.41 show how to select and upload aLender rate sheet relating to a selected region serviced by the Lender.The rate sheet would be viewable by LPUs and approved brokers for theselected region. FIG. 5.41 shows a user interface 15.41 that enables aLender to select common forms from a list and create a customized listfor its own needs. FIG. 5.42 shows a user interface 15.42 that may beincluded on allocated resources for allowing a Lender to add new formsnot on the default list to its customized list.

Rate Change Notification Module

If the interest rates for loan programs are changed in the Rate and LoanProgram Module 18.5, or if a file for a rate sheet is uploaded in theUpload a File Module 18.6, the Lender Administrator can automaticallysend a broadcast rate change notification email, page, and/or voicemailto all or certain of the LPUs, the brokers, and their loan agents. Therate change notification is defaulted to be sent to all of the Lender'sbrokers that have access to a given rate sheet whose rates have changed.If interest rates have increased, then the text of the date/time next tothe rate sheet link on the Lender Pages will appear red; if the rateshave decreased, then the text of the date/time next to the rate sheetlink on the Lender Pages will appear green. The Lender Administrator canalso send a broadcast rate change email, page, and/or voicemail to allof the Lender's brokers and LPUs at anytime regarding any matter. TheIPCS permits the Lender to reflect the interest rate change througheither the IPCS, the Lender's own internal processing computer system,or the Lender's own website database so that the data can be ported toeach of the computer systems to avoid multiple entry of the redundantdata. FIG. 5.43 is an example user interface 15.43 provided withallocated resources for a Lender Admininstrator to upload a rate sheetrelative to a rate increase or decrease. As can be seen in the FIG.5.43, the interface includes means for the rate sheet to be posted forpresentation on a regional basis. FIGS. 5.44-5.46 show user interfaces15.44-15.46 provided with allocated resources to notify participatingparties and their users of rate changes. The user interface 15.44 allowsselection of either a rate increase or decrease. User interface 15.45appears if “rate increase” is selected on user interface 15.44. The userinterface 15.46 allows a user to designate all brokers in all regions orselect regions. Also, as seen in the figures, the user interfaceincludes a message field for a text message about the rate increase orany other desired subject. Some details of a possible embodiment of aRates and Loan Program Module are schematically illustrated in FIG. 3.

Forms Submission Module

Using the Forms Submission Module 18.7, through an interface on itsallocated resources of the IPCS, the Lender Administrator can indicatethe type of electronic form such as a loan application, rate lock form,submission form, broker demand form, it wishes to make available to itsbrokers on the brokers' allocated resources of the IPCS, and to itsbrokers and borrowers on the Lender's wholesale website and borrowerdirect website, respectively. The brokers can upload a digitallyformatted document that was created in the broker third party loanorigination software (which said system can be adapted for such wellknown third party loan origination software as Calyx, Byte, Contour, andGenesis), or in a spreadsheet format, which when uploaded fills in thefields of the on-line document, or can fill out the document through aninterface such as HTML or XML, and port said document back into itsthird party loan origination software (which said system can be adaptedfor such well known third party loan origination software as Calyx,Byte, Contour, and Genesis), store it on the IPCS, view, print, and sendsaid documents to the Lender, who can then port said document into itsinternal processing system (which can be adapted for such third partyinternal processing systems such as Gallagher or Fiserv), store on theIPCS, view, and print, or broker can send said documents directly toSecondary Market Investor internal systems such as Fannie Mae andFreddie Mac. The stored documents on the IPCS shall be saved indirectories on the IPCS, which can be accessed to by certain otherParticipating Parties, and placed in a sequence in relation to otherdocuments (known in the industry as “stacking order”) as part of theelectronic loan application file. The data of a document can be sharedby the Participating Parties by being saved in a format such as XML ortext to be ported to each of the computer systems of the ParticipatingParties to avoid multiple entry of the redundant data.

Automated Underwriting and Risk Based Pricing Module

The present invention includes Automated Underwriting and Risk BasedPricing module 18.8. Through an interface on its allocated resources ofthe IPCS, which is tied to the database tables for the data andinformation submitted in the Rates and Loan Program Module 18.5, theLender Administrator can establish the required data that must beaccurately included in the loan application submitted by its brokers orborrowers. If the data included in the fields of the electronic loanapplication match the criteria established by the Lender Administratorthrough the Automated Underwriting Module 18.8, then the LenderAdministrator, other LPUs as dictated by the Lender Administrator, andthe broker are notified as to whether all or some of the submitted datamatch the criteria established by the Lender Administrator.

The Lender Administrator will also establish risk based pricing criteriawhen establishing the automated underwriting criteria. Risk basedpricing refers to an increase or decrease of the interest rate appliedto a loan depending on the certain risk factors inherent in a loanapplication, including the applicant's credit rating, the loan to valueof the loan, and debt to income ratios. Concurrently with the automatedunderwriting, this module will evaluate the risk factors inherent in theloan application and will calculate the Lender's interest for the loanprogram. Depending upon the loan program selected from the Rate and LoanProgram Module 18.5 and affected by the underwriting decision from theAutomated Underwriting component Module 18.8, the Risk Based PricingComponent of Module 18.8 will automatically output an interest rateapplicable for the submitted loan application.

Company Roster Module

The Company Roster Module 18.9 provides a company roster toparticipating parties. For example, the Lender Administrator, the LPUs,and the other Participating Parties accessing their allocated resourceson the IPCS can view the Lender's on-line company roster, which mayinclude email addresses, telephone and fax numbers, position titles anddepartments. The Lender Administrator can change the company roster inthe LPU Set Up Module 18 in the IPCS described above, or the Lender'sown internal processing computer system, or the Lender's own websitedatabase so that the data can be ported to each of the computer systemsto avoid multiple entry of the redundant data.

Messaging Module

Using the Messaging Module 18.10, the Lender Administrator can postoffice news to be viewed by its LPUs accessing the IPCS. In addition,using Messaging Module resources 18.10, the Lender Administrator canwrite a scrolling message viewed by the Lender's approved brokers, LPUsand/or other Participating party User accessing its allocated resourcesof the IPCS; the Lender Administrator controls the ability of its LPUsto update scrolling messages. See user interfaces 15.47-15.50 on FIGS.5.47-5.50. The Lender Administrator can overwrite any scrolling messagesthat the Lender's account executives or regional directors have writtenfor the brokers under their control. The Lender Administrator can viewpast and present office news that it has posted for its LPUs. The LenderAdministrator can also view the past and present messages that itsdirectors and branch administrators have posted for their accountexecutives. All LPUs can view past and present office news posted by theLender Administrator, and by their directors. The IPCS permits theLender to reflect any change through either the IPCS, the Lender's owninternal processing computer system, or the Lender's own websitedatabase so that the data can be ported to each of the computer systemsto avoid multiple entry of the redundant data. FIG. 5.2 shows an exampleuser interface that may be included in allocated resources forpresenting company messages. The interface includes a means to retrievearchived messages and to retrieve messages posted by or to selectedusers, e.g., “directors”.

Viewing Statistics Module

The IPCS includes a program module 18.11 that enables a Lender to obtainstatistical information about the viewing of content it makes availableto its LPUs and other participating parties. In one possible example,the statistics relate to rate sheets and rate changes. Statistics may bebroken down on the basis of a company total, branch total, thedirectors' totals, account executives' totals, brokerage firm totals,and individual broker loan agent totals. The statistics may be kept as arunning total, for example, beginning the first day of the month andending on the last day of the month. The Lender Administrator and theLPUs can view the statistics for the previous month or other specifiedperiod. The Lender Administrator dictates the type of statistics towhich LPUs may have access. Typically, the Lender Administrator andmanagement would have full access to statistics; directors can viewstatistics of themselves, their account executives, their brokers, andtheir brokers' loan agents; account executives can view statistics ofthemselves, their brokers, and their brokers' loan agents. Thestatistics also show a comparison of the Lender to other lenders usingthe IPCS; the lenders are ranked by percentile. The statistics may beassociated with other features enabled by allocated resources such asemail links and telephone numbers of the party reflected. See userinterface 15.51 in FIG. 5.51, which is an example of user interface forviewing Statistics Module 18.11.

Rate Sheets Viewed

There are statistics on how many minutes the Lender's approved brokersand loan agents view its rate sheets.

Rate Changes

There are statistics on how many rate increase and decrease emailnotifications were sent on a company-wide basis, branch basis, and foreach regional rate sheet.

Broker Viewing Lender's Rate Sheets

There are statistics on how many of the Lender's approved brokers arenot viewing its rate sheets but viewing other lenders' rate sheets.

Brokers' Use of Lender's Rates on Broker's Website

The Lender Administrator can view statistics on whether a given brokeris posting the Lender's interest rates on the broker's website. Thestatistical break down includes figures related to loan programsselected. See Broker's Websites in the Broker Parties section, below.

Time of Day Rate Sheets Viewed (Graphical Display)

The Lender Administrator and the LPUs can view a graphicalrepresentation of the hour of the day that rate sheets are viewed by theLender's approved brokers.

View Reports Module

The IPCS includes a Viewing Reports Module 18.12 for viewing reports onthe amount and nature of usage of allocated resources 2.3, for example,by LPUs and participating parties. Reports may be broken down on thebasis of a company total, branch total (if the allocated resources arebroken down for branches), the directors' totals, account executives'totals, brokerage firm totals, and individual broker loan agent totals.The Lender Administrator dictates the type of reports that the LPUs haveaccess to. Typically, the Lender Administrator and management have fullaccess to reports; directors can view reports that relate to themselves,their account executives, their brokers, and their brokers' loan agents;account executives can view reports that relate to themselves, theirbrokers, and their brokers' loan agents. Next to the report are emaillinks and telephone numbers of the party who is reflected.

Reports may show how many times each of the Lender's approved brokersand the brokers' loan agents have viewed its rate sheets on a Today'sTotal, Yesterday's Total, Last 7 Days' Total, and Last 30 Days' Totalbasis. The reports also show which brokers and broker loan agents havenot viewed the Lender's rate sheets on a Today's Total, Yesterday'sTotal, Last 7 Days' Total, and Last 30 Days' Total basis, or anypredefined time period, as specified by the Lender. See user interfaces15.51-15.52.

Mortgage Pool Modules

Using Mortgage Pools Module 18.13, the Lender Administrator can createmortgage pools whereby brokers entering their loans into the pool duringa prescribed time period will be entitled to better loan program pricingor other predefined incentives. The mortgage pools can be created byvarying criteria, including loan volume, specific brokerage firms, andregional locations. The pricing will be granted to the brokers on asliding scale so that if the total loan volume entered into the pool byall participating brokers increases to certain predetermined level, thepricing for all the loans in the pool will continue to improve for thebrokers, thus giving brokers the incentive to submit loans to the Lenderover other lenders. The Lender Administrator through an interface of theIPCS can manage database allocated resources and set the scale and viewthe information relating to the loans entered into the pool, includingloan program details, broker details, and borrower details. Other LPUswill have access through an interface to view information related to thepool. The Lender Administrator can also view mortgage pools created bySecondary Market Investors so that the Lender Administrator candetermine the type of mortgage pools it wishes to create for itsbrokers. See Secondary Market Investor Party, below.

File Status and Transaction Party Module

Using a File Status and Transaction Party Module 18.14, the LenderAdministrator, and other LPUs as determined by the Lender Administrator,can manage, and report status, through an interface of the IPCS a listof the required documents for the approval of a loan applicationsubmitted by the broker on behalf the borrower, or if the Lender'sconsumer direct website is connected to the IPCS for applicationssubmitted directly by the borrower. Such details include loan conditionsthat have or have not been satisfied by the borrower, including proof ofincome, appraisals of the property, proof of employment, title reportsand insurance, escrow instructions. The IPCS permits the Lender toreflect the updated checklist through either the IPCS, the Lender's owninternal processing computer system, or the Lender's own websitedatabase so that the data can be ported to each of the computer systemsto avoid multiple entry of the redundant data. These details can beviewed by the brokers through the broker's interface of the IPCS, or bythe borrower on the Lender's consumer direct website. Brokers or thebroker's loan processor can then modify the checklist that is viewed bythe borrower on the broker's website that is connected to the IPCS. SeeFile Status in Broker Parties section, below.

Through this Module, the Lender Administrator, and LPUs as determined bythe Lender Administrator, can also request, pay for (if necessary), andreceive transaction party documents, such as loan applications,appraisals, credit reports, title insurance and reports, escrowinstructions, loan documents, and any other documents required as a loancondition. The IPCS may include a program module that tracks themovement of documents between parties, and associates a fee with themovement of particular documents. The module could include an accountingsystem relative to such fees, including an account for each party thatearns or incurs a fee. It may also include associated automatic paymentsystems. The details for implementing such a program module into theIPCS are well known in the art or well within the skill of persons inthe art. See Transaction Parties, below.

The Transaction Party's digital documents, as well the loan application,rate lock form, and any other digital document submitted by a broker, isstored in a borrower's directory. The documents are ordered in asequence defined by the Lender Administrator, referred to in theindustry as “stacking order”, so that when viewed and printed conform tothe order that said documents are normally ordered in the Lender'shardcopy loan application file. This directory and its contents comprisean electronic/digital loan application file that can be accessed by thevarious participating parties through their allocated resources of theIPCS, including the Lender, broker, Secondary Market Investor, borrower,and the transaction parties. See File Status in Broker Party section,below. The details for implementing such an ordering system into theIPCS are well known in the art or well within the skill of persons inthe art.

Pipeline Module

Using a Pipeline Module 18.15, the Lender Administrator and various LPUsas dictated by the Lender Administrator can, through the IPCS, view andprint reports on the loans that have been submitted to the Lenderthrough the IPCS and/or the customary loan application process that ismonitored by the Lender's own internal computer system, and/or theLender's wholesale website and consumer direct website (if said websitesare connected to the IPCS). The content of said pipeline reportincludes, for example, loan amount per application, per Lender region,branch, director, account executive, brokerage firm, loan agent totalloan volume, details of said loan applications, loan fall out,delinquencies. User interface 15.55 of FIG. 5.55 illustrates theforegoing.

Borrower Direct Websites

The Interchange Party may provide allocated resources in the form ofwebsites for Lenders so that they can market directly to borrowers onthe Internet. Borrowers can electronically submit forms to the Lender,including loan applications and rate lock forms. Said forms, includingtheir data, would then reside on the IPCS and be made available tocertain of the participating parties so that said participating partieswould be able to share data to avoid multiple entry of data. Forexample, a loan application completed by a borrower on the borrowerdirect website could be reviewed on line by the Lender through itsallocated resources on the IPCS; the Lender could manipulate the data,and either forward it directly to the Secondary Market Investor such asFannie Mae through the IPCS and/or port the data into its third partyloan processing software. Borrowers can also request, pay for (ifnecessary), and receive the transaction party documents required by aLender, including appraisals, title reports, credit reports. Theparticipating parties can through their allocated resources on the IPCScan view and print the documents and their data as well as port saiddata into their own internal processing computer systems. The borrowercan also view the status of a loan application file that has beenupdated by the broker and/or Lender through their allocated resources ofthe IPCS. Many of the same features given to the Lenders through theirallocated resources of the IPCS, including Rate and Loan Program Moduleand the automated underwriting and risk based pricing module, can beaccessed by the borrower through its interface on the borrower directwebsite.

Broker Wholesale Website

The Interchange Party may provide website allocated resources forLenders so that they can market directly to their brokers on theInternet. Brokers can access the wholesale website either by typing theweb address of the wholesale website or can access the wholesale websitethrough a link on the Lender Page. Many of the same features given tothe lenders through their allocated resources of the IPCS, includingRate and Loan Program Module and the automated underwriting and riskbased pricing module, can be accessed by the broker through itsinterface on the wholesale website. The Lender Administrator can makechanges, including granting or removing broker access, to the wholesalewebsite by making the changes through its interface of its allocatedresources of the IPCS, through the Lender's own internal processingcomputer system, or directly through the wholesale websiteadministrative section. In each case, the data can be ported to each ofthe computer systems to avoid multiple entry of the redundant data.

Broker Parties

Broker Administrator

Each Broker may designate a Broker Administrator that has control overthe Broker's allocated resources 2.4 of the IPCS 2. User interfaces areincluded in the allocated resources for Brokers to administer theirallocated resources.

Broker Party User

A Broker Party User (“BPU”) includes loan agents and loan processorsthat can access the Broker's allocated resources of the IPCS, asdictated by the Broker Administrator.

BPU Set Up Module

Using the BPU Set Up Module 18.16, the Broker Administrator can grant,edit, or remove a BPU's access to the Broker's allocated resources aswell as participating parties' access to the Broker's allocatedresources. For example, while the Broker Administrator will have accessto all information of its lenders who are participating in the IPCS, andtheir Lender Pages as described in Lender Parties section above, theBroker Administrator can limit the BPU's access to said lenderinformation. Interfaces 15.56-15.57 of FIGS. 6.1-6.2 are examples fordoing so. For example, BPUs may be given access to only certain lenders,and their Lender Pages, with whom the Broker is approved.

Company Message Module

Using Company Message Module 18.17, the Broker Administrator can uploadeither a generic text message or an HTML file as well as the companylogo in a .jpeg or .gif file to be viewed by the BPUs accessing theBroker's allocated resources on the IPCS, or by other participatingparties accessing their allocated resources on the IPCS.

Company Roster Module

Using a Company Roster Module 18.18, the Broker Administrator can managethe Broker company roster that lists the names, department, title, andemail addresses of the BPUs and that is viewed by the BPUs accessing theBroker's allocated resources on the IPCS, or by other participatingparties accessing their allocated resources on the IPCS. User interfaces15.58-15.59 of FIGS. 6.3-6.4 are examples for doing the foregoing.

Email Module

Using a Company Email Module 18.19, the Broker Administrator and BPUshave access through the Broker's allocated resources on the IPCS theirlenders' company rosters and other participating parties' companyrosters, which includes names, telephone numbers, and the ability tosend emails. For example, the access to the Lenders' company rosters ismanaged first by the Lender Administrator through the Lender's allocatedresources of the IPCS, and then by the Broker Administrator through itsallocated resources of the IPCS.

Upload Files Module

Using an Upload Files Module 18.20, the Broker Administrator can uploadany document in any format including Adobe Acrobat .pdf, .tif, MicrosoftWord, Microsoft Excel, HTML, or XML, to be viewed, downloaded, orprinted by the BPUs. A BPU's access to these documents is controlled bythe Broker Administrator. An example of a document is a rate sheetreceived by the Broker via a service like JFAX.COM or EFAX.COM in .tifformat, or similar format, which can be posted on the IPCS, or can beconverted into XML, .pdf, or .gif and then posted on the Broker'sallocated resources of the IPCS to be accessed by the BrokerAdministrator and the BPUs; the Broker Administrator can upload the ratesheet and make it available to the BPUs if the lender whose rate sheetis being posted is not participating in the IPCS.

Rate and Loan Program Module

The Broker Administrator and the BPUs can access through user interfaces15.60-15.65 of FIGS. 6.5-6.10 on their allocated resource of the IPCSthe Rate and Loan Program Module 18.5 of their lenders participating inthe IPCS. The results are in the form of icons/links for lenders havingmatching programs, and include the number of matching programs eachlender has. FIG. 6.9 shows a user interface that is displayed when the“Bank of America” icon/link in FIG. 6.8 is selected. The left side ofthe user interface 15.64 shows the lenders the Broker is approved with,and which among those lenders have programs that matched the criteriaentered through user interface 15.62, with links to the lenders andtheir programs. A window 15.64.1 is pulled up by selecting a programdetail 15.64.2, for “potential add-ons”. The user interface of 15.64also includes details on “product type”, “fees”, and “more info”, aswell as links to such details. It further includes a box to select“RS's” (rate sheets) for each program that a user is interested inselecting and viewing.

Forms Submission Module

Using the Forms Submission Module 18.7, the Broker Administrator and theBPUs can access through an interface on their allocated resource of theIPCS the Forms Submission Module of their lenders participating in theIPCS, in a manner similar to that described for the Lender party above.Example Form Submission Module User interfaces 15.66-15.67 forparticipating parties are shown in FIGS. 6.11-6.12.

Automated Underwriting and Risk Based Pricing Module

The Broker Administrator and the BPUs can access through an interface ontheir allocated resource of the IPCS the Automated Underwriting and RiskBased Pricing Module of their lenders participating in the IPCS.

Mortgage Pools Module

The Broker Administrator and the BPUs can access through an interface ontheir allocated resource of the IPCS the Mortgage Pools Module of theirlenders participating in the IPCS. The level of access granted to BPUscan be controlled by either the Lender Administrator or the BrokerAdministrator. Brokers may access Mortgage Pools Module 18.13 using userinterfaces provided for that purpose.

File Status and Transaction Party Module

Using File Status and Transaction Party Module 18.14, the BrokerAdministrator, and BPUs as dictated by the Broker Administrator, canmanage through an interface of the IPCS a checklist of the requireddocuments for the approval of a loan application submitted by the BPU toa lender. The checklist can also be accessed by a consumer through theBroker's website, if said website is connected to the IPCS.

Through this Module 18.14, the Broker Administrator and the BPUs canaccess information, including loan application file information, contactinformation, pricing and messages regarding Transaction Parties.Representative user interfaces 15.68-15.74 for this Module are shown inFIGS. 6.13-6.19. The accessible information can either be updated by theTransaction Parties through their interface for their allocatedresources on the IPCS or uploaded by the Interchange Party. Through thisModule, the Broker Administrator and the BPUs can also request, pay for(if necessary), and receive transaction party documents, such asappraisals, credit reports, title insurance and reports, escrowinstructions, loan documents, and any other documents required as a loancondition. See Transaction Parties, below.

The following steps may be used to expedite exchange of loandocumentation, facilitate communications between parties, facilitatetransfer of loan documentation, assign tasks, and otherwise to allowparticipating parties to determine file status and complete requiredloan conditions. The steps and features that enable the foregoing are asfollows; they do not necessarily need to be presented in the ordergiven.

-   -   A loan application file record is created 24 in the IPCS        database.    -   The loan application is assigned 26 a record number for        identifying the loan application file in the IPCS.    -   The IPCS associates 26 an interface(s) 15.68-15.74 for the        record that, among other things, is linked to the database for        the file and a messaging system on the IPCS.    -   Certain allocated resources, for the loan application file        record, namely the aforementioned user interface, are assigned        to the participating party responsible for overseeing the loan        application—usually the broker party.    -   The IPCS receives conditions for the approval of a loan        application file from a participating party—usually the lender        sets such conditions, and such conditions are in the form of        required loan documentation, such as credit reports, escrow        instructions, etc. The conditions could also be automatically        generated and listed through an Automated Underwriting Module of        a party.    -   The conditions are associated with the pertinent record number        of the loan application file in the database.    -   The IPCS presents the conditions to participating parties that        are designated by the broker through user interface allocated        resources that were associated with the loan application file        record, as described above.    -   Through the user interface allocated resources, the broker may,        under conditions set by the broker or lender, who have        administrative control 20:        -   give its users and other participating parties access to and            limited control 22 over the user interfaces for purposes of            viewing and/or updating the status of a loan application            file.        -   assign tasks to participating parties related to conditions,            and notify parties of their assigned tasks.        -   allow transaction parties or other parties to upload to the            IPCS, or otherwise transfer to the IPCS or directly to a            participating party, required documentation. Form Submission            Module 18.7 may be used.    -   The user interface allocated to the broker through the        associated messaging means allows parties assigned tasks by a        broker to communicate with each other through such messaging        means. The messaging means may be known email functions, or        areas on a web page that are designated for receiving and        storing text entries, or means for receiving uploaded files or        links to files containing messages.    -   The Module includes means, such as database 12, for storing        required documentation. Preferably stored documents are        presentable in a stacking order specified by a Lender Party.    -   The status of a participating party's action or inaction on a        task may be updated by that party and/or another party through        the user interface allocated resources associated with a loan        application file record.    -   If new or supplemental tasks are to be assigned in view of a        task completion, inaction, or update, allocated resources may        include messaging means, as described above for a participating        party to notify other parties of such new or supplemental task.    -   The allocated resources may include means for automatically        notifying participating parties when an assigned task is over        due, or if further tasks are required by a party.

Additional Tools

Using an Additional Tools Module 18.21, the Broker Administrator and theBPUs also can view updated pricing on T-Bonds, T-Notes and otherindices, can utilize financial calculators, stock quotes, an economiccalendar of events, as well as updated market commentary. User interface15.75 of FIG. 6.20 illustrates the menu list for BPS to access saidtools.

Broker Websites

The Interchange Party provides websites for Brokers that the Brokers canmarket to borrowers on the Internet. Through the Brokers' allocatedresources on the IPCS, the Broker Administrator can build its ownbrokerage firm website. The Interchange Party provides the BrokerAdministrator with a step by step “wizard” whereby the BrokerAdministrator can choose from a series of layout templates and colorschemes for the websites, can upload its own content to the website, andcan choose which lender's interest rates it wishes to automatically addto its desired margin to be seen by borrowers accessing the website.Borrowers can electronically submit forms to the Broker, including loanapplications and rate lock forms. Said forms, including their data,would then reside on the IPCS and be made available to certain of theparticipating parties so that said participating parties would be ableto share data to avoid multiple entry of data. For example, a loanapplication completed by a borrower on the broker's website could bereviewed on line by the Broker through its allocated resources on theIPCS; the Broker could manipulate the data, and either forward itdirectly to the lender or Secondary Market Investor such as Fannie Maethrough the IPCS and/or port the data into its third party loanprocessing software. Borrowers can also request, pay for (if necessary),and receive the transaction party documents required by a lender,including appraisals, title reports, credit reports. The participatingparties can through their allocated resources on the IPCS can view andprint the documents and their data as well as port said data into theirown internal processing computer systems. The borrower can also view thestatus of a loan application file that has been updated by the Brokerand/or lender through their allocated resources of the IPCS.

Transaction Parties

Transaction Party

A Transaction Party includes appraisal companies, title companies,escrow companies, attorneys, real estate companies, credit reportingagencies, flood insurance companies, private mortgage insurancecompanies, mortgage insurance premium companies, and loan documentcompanies.

Transaction Party Administrator

Each Transaction Party has a Transaction Party Administrator that hascontrol over the Transaction Party's allocated resources of the IPCS.

Transaction Party User

A Transaction Party User (“TPU”) includes any employee or agent of theTransaction Party that can access the Transaction Party's allocatedresources of the IPCS as dictated by the Transaction PartyAdministrator.

TPU Set Up Module

Using a TPU Set Up Module 18.22, a Transaction Party Administrator can,for example, grant, edit or remove a TPU's access to the TransactionParty's allocated resources as well as access to other participatingparties' allocated resources, including a Lender's or Broker's allocatedresources on the IPCS.

Company Message Module

Through a Company Message Module 18.23, the Transaction PartyAdministrator can upload either a generic text message or an HTML fileas well as the company logo in a .jpeg or .gif file to be viewed by theTPUs accessing the Transaction Party's allocated resources on the IPCS,or other participating party accessing its allocated resources on theIPCS. In said Module, Transaction Party Administrator can make availableto other participating parties on their allocated resources on the IPCSthe Transaction Parties fee schedules, contact information, scrollingmessages, and forms.

Company Roster Module

Through a Company Roster Module 18.24, the Transaction PartyAdministrator can manage its company roster that lists the names,department, title, and email addresses of the TPUs and that is viewedthe Transaction Party Administrator, TPUs, and by other participatingparties.

Receive Document Request Module

Through the File Status and Transaction Party Module 18.14, theParticipating Parties can request Transaction Party documents that arerequired by the lender as a condition for the loan application file. TheTransaction Party Administrator and a TPU, as dictated by theTransaction Party Administrator, can through an interface of itsallocated resources of the IPCS receive document requests.

Receive Payment Module

Through the File Status and Transaction Party Module 18.14, theparticipating parties can make credit card, or other ACH payment, ifrequired by the Transaction Party, for the Transaction Party documentsthat are required by the lender as a condition for the loan applicationfile. Through their respective interfaces of the allocated resources onthe IPCS, the participating parties can review an accounting of allpayments made or due on requested Transaction Party documents.

Transfer Document Module

Through the File Status and Transaction Party Module 18.14, theTransaction Party Administrator and a TPU, as dictated by theTransaction Party Administrator, can upload a digitally formatteddocument, or can fill out the document through an interface such as HTMLor XML, and port said document into its internal processing system,store on the IPCS, view, print, and send said document to the requestingparty, who can then port said document into its internal processingsystem, store on the IPCS, view, and print. The stored document on theIPCS shall be save in directories on the IPCS, which can be accessed toby certain other participating parties, and place in an order inrelation to other transaction party documents as part of the electronicloan application file. The data of a Transaction Party document can beshared by the participating parties by being saved in a format such asXML or texts to be ported to each of the computer systems of theparticipating parties to avoid multiple entry of the redundant data.Said data, such as the property value stated in an appraisal and thecredit reporting score stated in a credit report, can also be portedinto other documents and modules of the IPCS such as the loanapplication and the Risk Based Pricing and Automated UnderwritingModules so that the participating parties avoid multiple entry ofredundant data.

File Status Module

Through the File Status and Transaction Party Module 18.14, theTransaction Party Administrator and a TPU, as dictated by the brokerparty and the Transaction Party Administrator, can participate in thereviewing, updating, and completing tasks of the conditions list of aloan application file as set forth in the File Status and TransactionParty Module, described in the Broker Parties section, above.

Transaction Party Website

The Interchange Party provides websites for Transaction Parties that theTransaction Parties can market to consumers on the Internet. Through theTransaction Parties allocated resources on the IPCS, the TransactionParty Administrator can build its own website. The Interchange Partyprovides the Transaction Party Administrator with a step by step“wizard” whereby the Transaction Party Administrator can choose from aseries of layout templates and color schemes for the websites, canupload its own content to the website. Consumers can also request, payfor (if necessary), and receive the Transaction Party documents requiredby a lender, including appraisals, title reports, credit reports. Theparticipating parties can through their allocated resources on the IPCScan view and print the documents and their data as well as port saiddata into their own internal processing computer systems.

Secondary Market Investors

Secondary Market Investors can be provided with similar allocatedresources as described for the participating parties discussed above.Through their allocated resources of the IPCS, secondary marketinvestors can transfer and receive data and information, including loanapplications and Transaction Party documents. They can also create andmanage mortgage pools for lenders. A Secondary Market Investor canchoose the criteria for its mortgage pools, including loan volume,lenders, and loan type. The pricing and/or other incentives will begranted to the lenders on a sliding scale so that if the total loanvolume entered into the pool by all participating lenders increases tocertain predetermined level, the pricing and/or other incentives for allthe loans in the pool will continue to improve for the lenders.

Investors

Investors include Fannie Mae, Freddie Mac, Ginnie Mae, and any otherinvestor, which may be active in a secondary or higher market forsecuritization of loans.

Rate and Loan Program Module

Through user interfaces 15.13-15.14, 15.15(a)-(b), and 15.16-15.35 oftheir allocated resources on the IPCS of the Rate and Loan ProgramModule 18.5 as shown in FIGS. 5.13-5.14, 5.15(a)-5.15(b), 5.16-5.35,Investors may input rate and loan program details accessible by some orall of the participating parties, normally the lender parties. Said Rateand Loan Program Module operates in the same manner as the Rate and LoanProgram Module for the lender parties as described above.

Automated Underwriting and Risk Based Pricing Module

The present invention includes Automated Underwriting and Risk BasedPricing Module 18.8. Through an interface on its allocated resources ofthe IPCS, which is tied to the database tables for the data andinformation submitted in the Rates and Loan Program Module 18.5, theInvestor can establish the required data that must be accuratelyincluded in the loan application submitted by its sponsoring lenders. Ifthe data included in the fields of the electronic loan application matchthe criteria established by the Investors through the AutomatedUnderwriting Module 18.8, then the Investors, other LPUs as dictated bythe Investors, and the broker are notified as to whether all or some ofthe submitted data match the criteria established by the Investors.

Mortgage Pools Module

Through an interface of its allocated resources on the IPCS module18.13, an Investor can manage a mortgage pools module that can beaccessed by lender parties through interfaces of their respectiveallocated resources on the IPCS. Investors choose the criteria for itsmortgage pools, including loan volume, lenders, and loan type. Thepricing and/or other incentives will be granted to the lenders on asliding scale so that if the total loan volume entered into the pool byall participating lenders increases to certain predetermined level, thepricing and/or other incentives for all the loans in the pool willcontinue to improve for the lenders.

1. An Interchange Party Computer System (“IPCS”) comprising: a computersystem configured with a set of instructions for a plurality ofdifferent, preconfigured allocatable resources for a real estatepurchase or refinance transaction, the allocatable resources comprising:a graphical user interface configured for a broker party allocated toand subcontrolled by the broker party; a graphical user interfaceconfigured for a second participating party allocated to andsubcontrolled by the second participating party; a data capture serverconfigured for capturing, organizing, and processing data relating tothe real estate transaction; a presentation server configured forpresenting data relating to the real estate transaction; whereby thebroker party and second participating party are able to collaborate withone another so as to organize, process and present information about thereal estate transaction; wherein the instructions include subcontrolinstructions allowing the broker party and/or second participating partyto configure their respective graphical user interface settings toselectively control what data is shared with another party, the IPCSstoring the customized allocated resources of a plurality of brokerand/or second participating parties; and wherein in response tosubcontrol operations by one of those participating parties, the IPCSreceiving and storing a plurality of customized graphical user interfacesettings received from one of those participating parties, thereby thesystem provides for one of those participating parties to selectivelycontrol the flow of information to one or more other participatingparties.
 2. The system of claim 1 wherein the data capture servercomprises a preconfigured graphical user interface for a participatingparty to post content related to a real estate transaction; thepresentation server displays the posted content to one or more otherparticipating parties in a text-based format to avoid multiple entry;and the presentation server enforces data permissions permittingmodification of the content by the participating party only if the datapermissions allow modification.
 3. The system of claim 2 wherein thepreconfigured graphical user interfaces for the participating party topost content determines a type of participating party and the graphicalinterface is tailored for the type of participating party.
 4. The systemof claim 3 wherein the type of participating party is selected from thegroup consisting of borrower, broker, lender, investor, and transactionparty, taxing authority, and interchange party.
 5. The system of claim 2wherein the content related to a real estate transaction relates to atask assigned to a participating party.
 6. The system of claim 5 furthercomprising allocatable resources to notify the participating party oftheir assigned tasks.
 7. The system of claim 5 further comprisingallocatable resources comprising a graphical user interface enabling aparticipating party's action or inaction on their assigned task to beupdated by the participating party or another party.
 8. The system ofclaim 1 wherein the second transaction party is a lender or loan brokerand the information is related to a loan application.
 9. The system ofclaim 8 wherein the lender party's (including representatives thereof)allocatable resources include a form submission module enabling otherparticipating parties to access, complete and submit online formscomprising one or more text-based form fields that become available toone or more other participating parties.
 10. The system of claim 9wherein the form submission module enables a participating party torequest a form be submitted by a different participating party.
 11. Thesystem of claim 10 wherein the requested form is selected from the groupconsisting of credit report, appraisal, title report, title insurance,escrow instructions, and conditional loan approval.
 12. The system ofclaim 10 wherein the form submission module accepts payment for therequested form.
 13. The system of claim 10 wherein the form submissionmodule allows the participating party requesting the form to supply adue date and the form submission module further comprises messaging tocommunicate with the participating party supplying the form when therequested form is over due.
 14. The system of claim 13 wherein themessaging is selected from the group consisting of email, page, andvoicemail.
 15. The system of claim 1 wherein the allocatable resourcesincludes one or more preconfigured graphical user interfaces for aparticipating party to post content related to a real estatetransaction, the posted content becoming available to one or more otherparticipating parties formatted to enable single entry of the content.16. The system of claim 15 wherein the posted content is a text-basedformat.
 17. The system of claim 15 wherein the posted content is adaptedto import into third party loan origination software or loan processingsystems.
 18. The system of claim 15 wherein the one or morepreconfigured graphical user interfaces for a participating party topost content further allows a participating party to post digitallyformatted content exported from third party loan origination software.19. The system of claim 1 wherein information about a real estatetransaction comprises one or more predefined incentives forparticipation in a mortgage pool and one or more qualifying loancriteria for the mortgage pool.
 20. A method implemented over anInterchange Party Computer System (“IPCS”) comprising: providing acomputer system configured with a set of instructions for a plurality ofdifferent, preconfigured allocatable resources for a real estatepurchase or refinance transaction, the allocatable resources comprising:providing a graphical interface configured for a broker party that areallocated to and subcontrolled by the broker party; providing agraphical user interface configured for a second participating party;providing a data capture server configured for capturing, organizing,and processing data relating to the real estate transaction; andproviding a presentation server configured for presenting data relatingto the real estate transaction; whereby the broker party and the secondparticipating party are able to collaborate with one another so as toorganize, process and present information about the real estatetransaction; wherein the instructions include subcontrol instructionsallowing the broker party and/or second participating party to configuretheir respective graphical user interface settings to selectivelycontrol what data is shared with another party, the IPCS storing thecustomized allocated resources of a plurality of broker and/or secondparticipating parties; and wherein in response to subcontrol operationsby one of those participating parties, the IPCS receiving and storing aplurality of customized graphical user interface settings received fromone of those participating parties, thereby the system provides for oneof those participating parties to selectively control the flow ofinformation to one or more other participating parties.
 21. The methodof claim 20 wherein the data capture server displays a preconfiguredgraphical user interface for a participating party to post contentrelated to a real estate transaction; the presentation server displaysthe posted content to one or more other participating parties in atext-based format to avoid multiple entry; and the presentation serverenforces data permissions permitting modification of the content by theparticipating party only if the data permissions allow modification. 22.The method of claim 20 wherein one or more preconfigured graphical userinterfaces are adapted for presentation in a web browser.
 23. The methodof claim 20 wherein the real estate transaction has a broker and the oneor more preconfigured graphical user interfaces are adapted to present atext message or company logo associated with the broker.